EPF records 7pc in total investment growth

File picture shows EPF chief executive officer, Datuk Shahril Ridza Ridzuan speaking during a media briefing on Annual Report 2015 in Kuala Lumpur May 3, 2016. ― Picture by Yusof Mat Isa

KUALA LUMPUR, April 20 — Despite the volatile world economy, the Employees Provident Fund (EPF) today announced its investment assets rose to RM731.11 billion last year, up 6.8 per cent from 2015.

Annual contributions also increased by 2.7 per cent to RM61.6 billion against total annual withdrawals of RM46.8 billion, resulting in a net inflow of RM14.8 billion.

“2016 saw us operating on the back of a period of low global growth, at the same time navigating between changes in monetary policies in major economies, the slump in crude oil price, weak ringgit and lacklustre corporate earnings,” EPF chief executive Datuk Shahril Ridza Ridzuan told a news conference.

Citing events such as the Brexit and the US presidential election, Shahril said it was an achievement that EPF was able to increase its profit-realisation activities and offer the dividends it did at the end of last year.

Comparing 2016 to 2015, he said there was also a spike in approved withdrawals from the mandatory retirement savings fund.

“Many withdrew from EPF to pay off their PTPTN study loans as they were getting blacklisted,” he said.

EPF previously declared a 5.7-per cent dividend for 2016, which amounts to RM37 billion in payouts to its more than 14 million members.